Financial Data and Key Metrics Changes - The company reported consolidated revenue of $95.8 million for Q4 2025, representing a 17% year-over-year increase, and adjusted EBITDA of $40.6 million, up 16% year-over-year [6][11] - Net cash flow from operations was $42.6 million in Q4 2025, contributing to a total of $136.8 million for the full year [7][16] - Profit excluding non-controlling interests decreased by 31% to $24.7 million, with earnings per fully diluted common share of $9.72 compared to $14.40 in Q4 2024 [15] Business Line Data and Key Metrics Changes - Social casino revenue grew 9% year-over-year to $79.7 million, driven by the contribution from WHOW Games [7][11] - iGaming revenue from SuprNation was $16.1 million, up 78% year-over-year, with a quarterly revenue run rate that has more than doubled since the acquisition [9][10] - The payer conversion rate for social casino increased to 9.6% in Q4 2025 from 6.9% in Q4 2024, while average monthly revenue per payer decreased to $198 from $282 [13][14] Market Data and Key Metrics Changes - The overall social casino market faced growth challenges, but the company sees potential for growth outside the United States, particularly in Europe [8][9] - The company noted that WHOW Games has a higher direct-to-consumer (DTC) revenue component due to its web-based history, contributing to the overall DTC revenue exceeding 30% of total social casino revenue in Q4 [8][9] Company Strategy and Development Direction - The company aims to innovate and enhance its social casino and iGaming businesses through product improvements and marketing strategies [17] - There is a focus on increasing DTC revenue as a percentage of overall social casino revenue, with plans to optimize the business further in 2026 [9][34] - The company is evaluating potential acquisitions while maintaining a strong balance sheet and cash position [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong profits and cash flow, emphasizing the importance of disciplined investment and operational efficiency [17][24] - The company is adapting to changes in the gaming tax landscape and is mindful of maintaining a disciplined approach to marketing spend [32][48] Other Important Information - The company recognized an impairment loss on SuprNation's goodwill, amounting to approximately $8 million, despite the business's growth [15][53] - The company has a net cash position of approximately $455 million as of December 31, 2025, or about $9.19 per ADS [16] Q&A Session Summary Question: Can you bifurcate DoubleDown Casino and WHOW revenue contribution and growth? - Management indicated that both segments performed well, with WHOW Games having a high DTC mix, but they will not specifically quantify the contributions going forward [19][20] Question: What is the company's approach to AI and automation? - Management highlighted that AI is being integrated into content production, live operations, and marketing optimization to enhance efficiency and decision-making [25][24] Question: Is the moderation of customer acquisition spend at SuprNation temporary or a shift towards profitability? - Management confirmed that the moderation is a disciplined response to ROI measurements, indicating a focus on profitability while still investing in growth [30][32] Question: What is the company's strategy regarding capital returns given its cash position? - Management stated that long-term shareholder value is a priority, and while discussions about capital returns are ongoing, the focus remains on growth through acquisitions [38][39] Question: What caused the impairment charge for SuprNation? - Management explained that the impairment charge was based on third-party valuations and is a standard practice at year-end [40][53]

Core Insights - The Ermenegildo Zegna Group is undergoing a generational transition with Gildo Zegna stepping into the role of executive chairman and Gianluca Tagliabue becoming CEO, while Zegna's sons, Angelo and Edoardo, are co-CEOs of the Zegna brand [1][5] - The company reported a positive performance in its direct-to-consumer (DTC) channel, which has been a key driver of growth despite challenges in wholesale distribution [4][5] Financial Performance - In 2025, group revenues reached 1.91 billion euros, showing organic growth of 1.1 percent, with DTC revenues rising 4.2 percent to 1.45 billion euros [3][5][20] - Fourth-quarter revenues for 2025 were 591 million euros, up 0.3 percent, with organic sales increasing by 4.6 percent [2][5] - Group wholesale revenues fell significantly by 20.9 percent to 318.1 million euros as the company chose to deemphasize this channel [6] Regional Performance - In the Americas, group sales increased by 7.9 percent to 566.1 million euros, accounting for 30 percent of total sales, with strong results from Zegna and Thom Browne [11] - Sales in the Greater China Region decreased by 14.6 percent to 435.2 million euros, impacted by a slowdown in DTC performance and wholesale distribution [21] Strategic Initiatives - The company is focusing on personalization and enhancing customer experiences, exemplified by the opening of new Salotto Zegna locations and the Villa Zegna concept [8][10] - Zegna is optimistic about growth potential in Asia, particularly with new marketing strategies and product offerings under Thom Browne's leadership [17] Brand Performance - Zegna brand revenues totaled 1.18 billion euros in 2025, up 1.5 percent, with a notable organic growth of 4.7 percent [15] - Thom Browne's sales decreased by 14.7 percent to 268.5 million euros, but showed organic growth of 1.4 percent in the last quarter [16] - Tom Ford Fashion revenues amounted to 317.1 million euros, reflecting a slight increase of 0.8 percent at current exchange rates [18]

Group 1 - The Procter & Gamble Company (PG) is shifting its go-to-market strategy to enhance digital engagement and selectively expand direct-to-consumer (DTC) capabilities, aiming to strengthen brand relationships and capture first-party data [1][8] - PG's digital strategy focuses on improving omnichannel execution rather than building large standalone DTC businesses, investing in brand websites, subscription models, social commerce, and AI-driven personalization [2][8] - The company faces challenges with DTC economics potentially diluting margins at scale and must balance digital expansion with maintaining strong retailer relationships [3][8] Group 2 - Church & Dwight (CHD) and Colgate-Palmolive (CL) are also leveraging digital and DTC initiatives to enhance brand engagement and reach younger consumers without pursuing large-scale DTC expansion [4] - CHD utilizes digital marketing and e-commerce partnerships to build awareness for emerging brands, focusing on data-driven marketing and influencer engagement to accelerate household penetration [5] - Colgate employs digital tools and selective DTC initiatives to strengthen consumer engagement and premium positioning, particularly in oral care and skin health, while investing in digital analytics and AI for improved targeting [6] Group 3 - Procter & Gamble's shares have decreased by approximately 11% over the past six months, compared to a 12.4% decline in the industry [7] - PG's forward price-to-earnings ratio stands at 19.84X, higher than the industry average of 18.05X [9] - The Zacks Consensus Estimate indicates year-over-year EPS growth of 3.1% and 2.9% for fiscal 2026 and 2027, respectively, with stable EPS estimates over the past week [10]

Financial Data and Key Metrics Changes - For Q3 2025, DoubleDown reported consolidated revenue of $95.8 million, an increase from $83.0 million in Q3 2024, representing a growth of approximately 15% [11][12] - Adjusted EBITDA for Q3 2025 was $37.5 million, compared to $36.5 million in Q3 2024, indicating a slight increase [14] - Cash flow from operations was $33.4 million in Q3 2025, up from $32.1 million in Q3 2024 [15] Business Line Data and Key Metrics Changes - Social casino operations generated $79.6 million in Q3 2025, growing nearly 6% from Q3 2024 and nearly 15% sequentially [11][12] - Super Nation, the iGaming business, reported revenue of $16.2 million in Q3 2025, marking a 108% increase from Q3 2024 [12][14] - Average revenue per daily active user (ARPDAU) increased to $1.39 in Q3 2025 from $1.30 in Q3 2024 [12][14] Market Data and Key Metrics Changes - The company noted that the growth potential in the international social casino market is currently greater than in the U.S. [9] - The payer conversion rate rose to 7.8% in Q3 2025, up from 6.8% in Q3 2024 [13] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through investments in both organic growth and acquisitions, such as the acquisition of Wow Games [6][10] - There is a commitment to increasing direct-to-consumer (DTC) revenue, with a goal of achieving over 20% of social casino revenue from DTC purchases [8][40] - The company plans to launch a new iGaming casino brand early next year, aiming to diversify its offerings [10][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of Super Nation and the potential for further success in player acquisition [9][18] - The company is optimistic about the initial results from Wow Games and is assessing its operations to integrate and enhance growth [12][20] - Management acknowledged the potential impact of regulatory changes on user acquisition costs but noted it is too early to determine the effects [34] Other Important Information - The company transitioned to reporting financial results in accordance with IFRS starting Q4 2024, which has minor implications for financial statements [4][11] - As of September 30, 2025, the company had $439.2 million in cash and short-term investments, reflecting a strong balance sheet [15] Q&A Session Summary Question: Thoughts on balancing investment for growth versus profitability in Super Nation - Management believes there is capacity in Super Nation to add users profitably, with a payback period for acquiring new users of about six months [18] Question: Roadmap for Wow Games acquisition over the next six months - The focus will be on acquiring players and enhancing product development, particularly in slot games and technology integration [20][26] Question: Update on M&A pipeline - The M&A pipeline remains busy, with opportunities across various gaming genres, including both established and emerging assets [28][30] Question: Revenue contribution from Wow Games for the quarter - The revenue contribution from Wow Games has not been separately broken out as it is integrated into the social casino segment [32] Question: Impact of regulatory changes on player acquisition costs - Management noted that it is too early to determine the impact of recent regulatory changes on user acquisition costs [34] Question: Update on direct-to-consumer revenue goals and geographic expansion - The goal is to exit Q4 with a DTC run rate of over 20%, with ongoing evaluations for geographic expansion [40][43]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 increased by 3% year over year to $841 million [4] - Adjusted EBITDA grew 18% year over year to $375 million, with a record margin expansion across all three businesses [4][22] - Adjusted EPS increased by 35% year over year to $1.81 [4][22] - Net income rose by 78% year over year, with diluted net income per share increasing by 89% to $1.34 [22] Business Line Data and Key Metrics Changes - Gaming revenue increased by 38% year over year to $241 million, driven by strong gaming operations performance and contributions from Grover [9][22] - Recurring revenue grew by 14% year over year, accounting for approximately 69% of consolidated revenue [5][22] - iGaming revenue reached a record $86 million, up 16% year over year, with Adjusted EBITDA increasing by 42% to $34 million [17][22] Market Data and Key Metrics Changes - North American gaming machine sales remained strong with over 6,000 units shipped in the quarter [12] - The average daily revenue per unit in North America increased by 5% year over year, excluding Grover units [11] - The company entered the Nebraska Skill Game market and commenced trials in the Eastern European Dynamic Multi-game market [12] Company Strategy and Development Direction - The company is transitioning to a sole standard listing on the ASX, expected to enhance its profile in the gaming industry [5][6] - Focus remains on the integration of Grover into game development and technology platforms, with expectations for significant contributions in 2026 [6][39] - The company emphasizes a disciplined capital allocation strategy to create sustainable shareholder value [8][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver growth and profitability despite broader market challenges [20] - The gaming consumer market remains resilient, with expectations for continued strong performance in the fourth quarter [44] - Management highlighted the importance of not compromising long-term growth for short-term goals, focusing on quality earnings [37] Other Important Information - The company returned $111 million to shareholders through share repurchases during the quarter [5][30] - Operating cash flows generated in the quarter amounted to $184 million, with free cash flow increasing by 64% year over year to $136 million [26] - The company maintains a net debt leverage ratio of 3.3 times following the Grover acquisition [28] Q&A Session Summary Question: How does the company see the fourth quarter shaping up to hit 2025 guidance? - Management highlighted strong U.S. sales and contributions from Grover, indicating a predictable earnings outlook for Q4 [34][35] Question: Can you provide an update on Grover's integration and Indiana launch? - Grover added 229 games in the quarter, with successful integration into the Light & Wonder family and preparations for the Indiana market entry [38][39] Question: What drove the gaming margin improvement in Q3? - The gaming operations business saw significant growth, contributing to margin expansion, with expectations for continued momentum [40][41] Question: What is the outlook for iGaming and SciPlay? - iGaming showed strong growth driven by first-party content, while SciPlay is focused on stabilizing mature games like Jackpot Party to return to growth [53][48][59]

Core Insights - LightInTheBox has received positive customer feedback for its newly launched Direct-to-Consumer (DTC) brand, achieving an average Net Promoter Score (NPS) of 60, which exceeds the industry average for Consumer Services / Catalog / Specialty Distribution [1] - The strategic shift towards proprietary DTC brands has been crucial for the company's return to profitability, enhancing customer satisfaction and financial performance [2][3] - The new DTC model allows LightInTheBox to control the entire value chain, increasing operational efficiency and customer loyalty, making it more appealing to consumers and investors [3] Customer Feedback - Customers have praised the quality of products, highlighting "stunning colors and perfect fit," with testimonials emphasizing the materials as "beautiful and lightweight" and customer service as "superior" [2] Strategic Shift - The company's focus on in-house design and manufacturing has differentiated it from its traditional business model, leading to higher-quality products and a more personalized customer experience [2] - This strategic shift has enabled the company to achieve profitability in recent quarters [2] Leadership Perspective - The CEO expressed satisfaction with the positive customer response, viewing it as a testament to the company's strategic vision and team efforts, which have been key to returning to profitability [4] Future Growth - LightInTheBox plans to launch additional proprietary brands and utilize advanced technologies like AI to enhance offerings and operational efficiency, positioning itself to meet the growing demand for affordable, high-quality lifestyle products [4][5]

As filed with the Securities and Exchange Commission on June 16, 2023 Registration No. 333-271219 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 TABLE OF CONTENTS (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Jeffrey Walker Chief Executive Officer 8201 Peters Road Suite 1000 Plantation, Florida (954) 255-4000 (Name, address, including zip code, and telephone number, including area code, of agent ...

Table of Contents As filed with the Securities and Exchange Commission on June 6, 2023 Registration No.333-271219 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ALLIANCE ENTERTAINMENT HOLDING CORPORATION (Exact name of registrant as specified in its charter) Delaware 5199 85-2373325 | (State or other jurisdiction of (Primary Standard Industrial | (I.R.S. Employer | | --- | --- | | incorporation or or ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on May 1, 2023 Registration No. 333-271219 8201 Peters Road Suite 1000 Plantation, Florida (954) 255-4000 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Jeffrey Walker Chief Executive Officer 8201 Peters Road Suite 1000 Plantation, Florida (954) 255-4000 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION ST ...

Table of Contents As filed with the Securities and Exchange Commission on April 11, 2023 Registration No.[ ] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ALLIANCE ENTERTAINMENT HOLDING CORPORATION (Exact name of registrant as specified in its charter) | Delaware | 5199 | 85-2373325 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organizati ...